0001398344-16-015688 Sample Contracts

ELEVENTH AMENDED AND RESTATED APPENDIX B CUSTODY AGREEMENT
Custody Agreement • July 27th, 2016 • Investment Managers Series Trust

The following series of Investment Managers Series Trust ("Funds"), a registered open- end management investment company are hereby made parties to the Custody Agreement dated January 14, 2008, with UMB Bank, n.a. ("Custodian") and Investment Managers Series Trust (the "Trust"), and agree to be bound by all the terms and conditions contained in said Agreement as of the date that each such series becomes a series of the Trust:

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INVESTMENT MANAGERS SERIES TRUST FIRST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • July 27th, 2016 • Investment Managers Series Trust • Delaware

THIS FIRST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is dated as of September 18, 2015, by and between INVESTMENT MANAGERS SERIES TRUST, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (each a “Fund”), and the investment advisor of the Funds, Palmer Square Capital Management LLC a Delaware limited liability company (the “Advisor”), and SSI Investment Management, Inc., a California corporation (the “Sub-Advisor”).

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